Norway Pension Fund Posts $29.7 Billion Loss After Israeli Divestment
Translated & summarized from Vesty by baba
Norway's Government Pension Fund Global reported a $29.7 billion loss, partly due to "increased caution" in tech stocks, following a significant divestment from Israeli companies. The fund sold shares in companies like Bezeq and Paz, citing "ethical considerations" related to settlements and the "occupation of Palestinian territories." The divestments, influenced by Norway's policy, included 11 companies on August 11, 2025, and Israeli banks worth $2 billion on August 26, 2025. The fund manages approximately $2.2 trillion in assets.
The story in 6 lines · by baba
- Norway's GPFG reported a $29.7 billion loss, linked to tech stock caution and Israeli divestments.
- The fund sold shares in Israeli companies like Bezeq and Paz for ethical reasons related to settlements.
- Norway's government reportedly instructed the fund to disassociate from companies involved in the 'occupation'.
- The GPFG divested from 11 Israeli companies on August 11, 2025, and Israeli banks worth $2 billion on August 26.
- The fund also withdrew investments from Caterpillar due to its D9 bulldozers used by the IDF.
- Norway's GPFG manages approximately $2.2 trillion in assets globally.
Norway's sovereign wealth fund, the Government Pension Fund Global (GPFG), reported a $29.7 billion loss, attributing it to "increased caution" regarding large technology stocks. The fund, previously known in Israel for significant investments, shifted its strategy in 2024, influenced by what the article describes as Norway's "openly anti-Israeli policy." In December 2024, the GPFG announced its intention to divest from the telecommunications company Bezeq, citing its services to Jewish settlements in the West Bank. By then, the fund's stake in Bezeq had already been reduced from 2.2% to 0.76%.
Further divestments followed in June 2025, with the sale of shares in Israeli fuel company Paz, again citing fuel supply to settlers. In early August 2025, the Norwegian newspaper Aftenposten reported that the GPFG had received instructions from the Norwegian government to review its investments and disassociate from Israeli companies involved in the "occupation of Palestinian territories." On August 11, 2025, the fund announced the sale of shares in 11 Israeli companies, reducing its holdings from 61 Israeli companies to a smaller portfolio, and simultaneously terminated agreements with Israeli investment managers.
On August 18, 2025, the fund sold shares in six more companies linked to Judea, Samaria, and Gaza as part of its investment review. The fund also stated it would conduct quarterly reviews of its Israeli holdings. On August 26, 2025, the GPFG sold Israeli bank securities worth $2 billion, citing "ethical considerations" related to the Middle East situation. The value of these bank stocks has since significantly increased. Concurrently, the fund withdrew investments from the U.S. company Caterpillar, whose D9 bulldozers are used by the IDF. The U.S. State Department expressed concern, but Norway maintained the fund's independence.
The GPFG, formerly known as the Oil Fund, invests oil and gas revenues and is one of the world's largest pension funds, with approximately $2.2 trillion in capital. It holds stakes in 7,100 companies globally, alongside bonds, real estate, and renewable energy projects.
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